Modi government unveils 7-point revamp plan for public sector banks

GN Bureau | August 14, 2015



Looking to revamp Public Sector Banks (PSBs), the government on Friday unveiled a seven point plan that encompasses focus on appointments, Bank Board Bureau, capitalization, destressing, empowerment, accountability and governance reforms. "The plan envisaged for revamp of PSBs is a bottoms-up process, ensuring world-class quality and autonomy," minister of state for finance Jayant Sinha said. The government proposes to make available Rs 70,000 crore for recapitalization of PSBs.

Deoband fatwa asks Muslims to hoist tri-colour at homes
Leading Islamic seminary Darul Uloom Deoband, in a fatwa, has asked Muslims to hoist national flag on their houses and establishments on Independence Day and also appealed to them to celebrate the occasion with great spirit of patriotism. Ashraf Usmani, spokesperson of the seminary said that "in the struggle for India's freedom, the Ulemas (Islamic religious leaders) of Darul Uloom have played prominent roles". The call for 'Complete Independence' was "given by Darul Uloom", which later turned into the 'Purna Swaraj' movement, he said.

Sensex closes above 28k, Nifty above 8,500 as wholesale inflation falls
The benchmark BSE Sensex reclaimed the 28,000-mark and the National Stock Exchange (NSE) Nifty the 8,500 level at close on Friday on across-the-board gains after WPI inflation fell for July, raising hopes of a rate cut by the RBI amid a pause in rupee's fall. Wholesale price index-based inflation plunged to (-)4.05 per cent in July, from (-)2.40 per cent in June. The 30-share index, which rose over 162 points in early trade, continued its advance, soaring 517.78 points, or 1.88 per cent, to 28,067.31 at close. The NSE Nifty retook the crucial 8,500-mark by surging 162.70 points, or 1.95 per cent, to 8,518.55 at close.

Bio diesel sale begins at select outlets
Oil marketing companies have started supplying bio diesel in some retail outlets in the country. It is available in some retail outlets at Delhi, Vijayawada, Haldia and Vizag. The government vide its notification on June 16, 2015 had permitted use of bio-compressed natural gas (Bio-CNG) in motor vehicles, as an alternate composition of the compressed natural gas (CNG).

No eviction of ex-servicemen from Jantar Mantar, Rahul faces 'go back' slogan
The Delhi police have been told not to evict the ex-servicemen protesting for the implementation of the One Rank One Pension (OROP) at Jantar Mantar. Minister of state for home Kiren Rijiju called up Delhi Police Commissioner B S Bassi and ordered him that these defence veterans should not be removed from the protest site and let them continue the protest. On Friday morning, a routine exercise to sanitise Jantar Mantar ahead of Independence Day turned into a tug of war when the ex-servicemen  refused to leave. The police reportedly resorted to lathicharge to forcefully evacuate the protesters.

Meanwhile, Rahul Gandhi, who visited Jantar Mantar, was greeted by protesters raising slogans of "go back Rahul".

On eve of Independence day, Pak national with HuJI link held in Hyderabad
A day before the country's 69th Independence Day, a special police task force arrested four suspected Harkat- ul- Jihadi Al-Islami (HUJI) members from Hyderabad on Friday. The arrest of a Pakistani national, two Bangladeshis and a Mayanmarese national from the Old City area raises huge concern. Pakistani national Mohammed Nazi and others have been taking shelter in a house in Chanchalguda area for the last two months.

Modi govt bogged down by bureaucracy, cautious approach: US think tank
Washington-based Hudson Institute in a report 'Modi One Year On' said the BJP-led government was voted into power by a new generation of Indians. The new Indian electorate is aspirational and demands instant gratification and immediate results, it said. The report lays out how a government that came in on a plank of change and reform has been bogged down by bureaucracy and politics. "Caution and not enthusiasm is evident in every arena, whether economy, defence, healthcare, trade and investment, energy, education and labour," the report said. "Yet there are tremendous opportunities before the Modi government: there is still tremendous popular support for Mr (Narendra) Modi personally, the corporate sector is still hopeful of change, the global environment has been helpful and India's demographic dividend is in India's favour," it said, adding that Modi backers are also impatient for positive results. "Markets run on sentiments and until now the upswing in Indian economic growth has been primarily because the markets remain hopeful of change for the better. Prime minister Modi must act fast before this hopefulness dissipates," said the report.

Govt to distribute solar devices in rural, tribal areas
The government will distribute devices like solar cookers and 'unnat chulhas' in rural and tribal areas as part of its efforts to provide clean cooking and lighting benefits to local people. It will do so using funds of Compensatory Afforestation Fund Management and Planning Authority (CAMPA). Under the programme, devices like unnat chulhas, solar cookers, solar lamps and solar home lighting systems will be provided.

Hyderabad traffic police launches body-worn cameras
The Hyderabad Traffic Police (HTP) today launched 'Body Worn Cameras' for the first time in the country, to  improve discipline among the public as well as the police personnel. The camera is user friendly, having stud moving clip for wearing on the body and simple one click record. Citizens, when caught for any traffic violations by traffic cops can notice the recording on the front facing LCD screen. This will bring transparency and accountability in traffic management.

EPFO does away with mandatory revenue stamps on PF withdrawal claims
Retirement fund body EPFO has done away with the mandatory requirement of affixing one rupee revenue stamp on PF withdrawal claim forms. "Employees' Provident Fund Organisation (EPFO) has done away with the mandatory requirement of affixing one rupee revenue stamp on claim forms thereby bringing independence from this hassle to millions of PF subscribers every year," Labour Minister Bandaru Dattatreya said. EPFO has a subscriber base of around six crore. It manages a huge corpus of over Rs 6.5 lakh crore with an incremental annual deposits of Rs one lakh crore.

Ajinkya Rahane's eight breaks Test fielding record
Indian batsman Ajinkya Rahane created a world record as he became the first non-keeper player to take eight catches in a Test match. Rahane achieved the feat on the third day of the ongoing first Test against Sri Lanka at Galle when he caught Rangana Herath at slip off Amit Mishra. England's Jack Russell and South African AB de Villiers shared the most number of catches (11) record by wicketkeeper against South Africa in 1995 and Pakistan in 2013 respectively.

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